CIB Contributes EGP 500 Mln To South Helwan Power Plant Loan

The Commercial International Bank (CIB) has decided to provide the total value it said it will contribute with to the EGP 3 billion loan arranged for South Helwan Power Plant.

Sources said the bank will contribute EGP 500 million to the loan without assigning other banks to share in this value as the electricity generation sector is one of the most profitable sectors which the bank plans to expand along with petrochemicals and pharmaceuticals.

Amwal Al Ghad had earlier reported exclusively that a consortium comprised of CIB, National Bank of Egypt (NBE), Banque Misr, Arab Bank, National Société Générale Bank (NSGB) and Faisal Islamic Bank of Egypt was assigned to arrange the loan.

The loan will be used to finance the power plant which will operate three natural gas-run steam turbines and will be connected to the national power grid to meet the rising demand for electricity.